MP News: CID To Probe ₹42 Crore Chit Fund Scam Across Four Districts
The CID will investigate a Rs 42 crore chit fund scam reported in Tikamgarh, Vidisha, Ashoknagar, and Damoh, where investors were duped with promises of doubling money. DGP Kailash Makwana handed over 11 cases to CID. Around 820 victims are affected, with officials suspecting a large organised Ponzi scheme and more revelations likely
MP News: CID To Probe ₹42 Crore Chit Fund Scam Across Four Districts | File Pic (Representational Image)
Bhopal (Madhya Pradesh): The Crime Investigation Department (CID) will investigate a chit fund scam reported in Tikamgarh, Vidisha, Ashoknagar and Damoh districts, in which racketeers allegedly duped investors of Rs 42 crore by promising to double their money, officials said on Thursday.
Director General of Police Kailash Makwana has handed over all cases to the CID.
A team of CID officials from Jabalpur and Bhopal will investigate the offences under the supervision of the Inspector General of Police, CID.
A total of 11 criminal cases have been registered across the four districts. Investigations so far indicate fraud of over Rs 42 crore, affecting around 820 victims.
Special Director General, CID, Pankaj Srivastava said the number of victims and the total amount involved may increase further.
Officials said the cases point to a large-scale organised Ponzi scheme. A detailed probe will be conducted to identify the main suspects, take legal action and recover assets.
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